My daughter recently turned eighteen, which is the age of majority for UTMAs in our state (VA). One of her assets is a UTMA opened by her grandmother, who invested in a bond. That bond has matured and the financial institution (with which we have no other banking relationship) automatically mailed a check to us for the proceeds (less than $5K). The check is made out to "Grandmother's Name CUST FOR Daughter's Name UTMA VA". Who endorses this check so that my daughter can deposit it to her personal bank account? I found a similar question on your site (from 2002) which suggests that it should not be the custodian; I tried asking my bank (twice), and got different answers. Grandmother is willing to endorse, though she lives in another state and cannot appear at our bank.
The check is payable to your daughter's grandmother in her (former) role as custodian. She should endorse the check as it is drawn and then she can transfer it to your daughter for her endorsement and deposit. Find out from your bank whether it has specific requirements regarding the first endorsement.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The check is payable to your daughter's grandmother in her (former) role as custodian. She should endorse the check as it is drawn and then she can 